Price My Insurance has made it easier then ever to get a business insurance quote as a subcontractor. Our team find insurance policies that cover your business not only comprehensively but also at the best price.
Business Insurance For Subcontractors Australia
If you are a subcontractor and not an employee, you are generally responsible for your own actions and will not be covered by the insurance of the person or the company hiring you. Essentially, you are running your own small business so you are financially responsible for any damage or injury you cause. This is why it is crucial that you have a comprehensive insurance policy in place to cover your work as a subcontractor.
As a subcontractor, you will find that most work sites require you to have public liability insurance and for some occupations, you must have insurance in place before you can even obtain your contractors license. For companies hiring subcontractors – in the event of a disaster, it is possible for both your subcontractor and your company to be held responsible. This is called shared responsibility and a percentage of the claim amount will be allotted to each of you, so it is crucial to ensure that any subcontractors you hire have insurance in place.
Am I A Subcontractor?
Many people who call us are uncertain as to whether or not they are a subcontractor, so here is a simple break down:
You do not have your own ABN, receive a regular wage and have sick leave and holidays
You have an ABN and issue invoices for your work. If you are sick and go on holiday you don’t get paid.
As a subcontractor, you alone are responsible for your actions. If you mess up, you have to clean it up, if you are sick or go on holiday, you don’t get paid as you can only invoice for work you have completed. You also do not have the added security of workers compensation. Luckily, a good insurance policy can help relieve some of this stress.
What Insurance Do I Need As A Subcontractor?
- Income Protection
- Public Liability Insurance
- Contract Works & Contractual Liability
- Subcontractor Insurance
- Professional Indemnity
- General Property / Tool Insurance
- Commercial Vehicle & Trailer Insurance
For more information regarding insurance for subcontractors, get in touch with our friendly team at Price My Insurance today.